Nifty 50 has come down sharply today. It opened with a wide gap-down at 24,019 and is currently trading at 23,856, down 1.34 per cent. Increased fear of the US-Iran war escalation is weighing on the markets. The advances/ declines ratio is at 5:45. This is negative.

Nifty 50 Outlook

Nifty has a crucial support at 23,800, which can be tested now. A bounce from this support and a subsequent rise above 23,900 can give the index some relief. In that case, a rise back to 24,000 and 24,200-24,300 is possible.

But if Nifty breaks below 23,800, it can come under more selling pressure. In that case, 23,600 can be seen on the downside.

As such, the price action around 23,800 will need close watch during the day.

Nifty 50 futures

The Nifty 50 May futures (23,883) is down 1.53 per cent. An important intraday support is at 23,830. The contract can test this support now.

Failure to bounce back from this support can drag the Nifty 50 May futures contract down to 23,650.

On the other hand, a bounce from around 23,830 can take the contract up to 23,950-24,000 initially. A further break above 24,000 will ease the downside pressure. Such a break can then clear the way for a further rise to 24,350- 24,400.

Trade Strategy

We expect the support at 23,830 to hold well and produce a bounce. So, traders with high risk-appetite can go long on dips at 23,855. Keep the stop-loss at 23,790. Trail the stop-loss up to 23,880 as soon as the contract goes up to 23,905. Revise the stop-loss further up to 23,910 and 23,945 when the contract touches 23,935 and 23,960, respectively. Exit the long positions at 23,980.

Supports: 23,830, 23,750

Resistances: 24,000, 24,350

Published on April 30, 2026